A report to cabinet stated: “All Staffordshire authorities are in a ‘growth position’ with growth ranging from 1 per cent to 14 per cent, with an average of 7 per cent being achieved across the wider Staffordshire pool for 2017/18.

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“This net growth position is likely to be maintained for 2018/19, but more likely to increase. At present only 50 per cent of growth is retained within Staffordshire.

“The pilot does not represent a change in economic policy or geography but is simply a way of retaining over £12m within the Staffordshire area.”

Newcastle Borough Council is also interested in the pilot

Officers believe there will be some financial risk, particularly in relation to business rate appeals.

The report states: “Any loss of income as a result of a successful appeal will be borne in full by the council as opposed to the current 50 per cent. However, it is expected that the growth windfall will outweigh the potential additional costs.”

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In his report to cabinet, executive director of resources Kelvin Turner said: “The pilot scheme would enable all future growth in business rates to be retained within Staffordshire. A minimum of £200,000 additional resources would be generated for the financial year 2018/19 for the council due to the estimated ‘growth position’ of the participating authorities.”

The new pilots have been designated for one year, but it is likely that they will continue until the full business rates retention scheme is rolled out across the country.